The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1887-02-17
THE oENIsoN PAPER co.
Large Meeting of Creditors at
Auburn Yesterday.
Statement of the Firms Liabilities
and Assets.
The Liabilities Amount to About
$500, 900.
Especial to the PREss.l

turing Company of Mechanic Falls was helc
in the Auburn Council House wednesday
morning.
About rs firms were represented. Morey
d Co. of Boston, Train, Smith Co. and
Smith, Winchester & Co. are the heaviest
creditors Mr.. Van Dyke Of Boston appears
as counsel for Smith, Train & Co. Mr.. Geo,
Q. Wing has charge of the Dennison Com
pany's affairs
| The meeting was called to order by Mr..
wing, who called on j. l.. Blabon Of the
Portland Board of Trade. Mr.. Blabon called
upon Seth M. Carter, of the firm Of Frye,
Cotton White, to act as secretary.
The chairman briefly stated the object of
the meeting; that it was their duty to look
into the financial affairs of the Dennison
Paper Manufacturing Company, and that
the creditors were prepared to hear any
statement they wished to make as to their
present condition.
Mr.. Geo. G. Wing, the counsel for the COM
pany then made the following report:
In behalf Of the Dennison Paper Manu-
featuring Company desire to submit at
this time their balance sheet, made up to
yesterday, or, in other words, a statement of
their assets and liabilities. Their assets
consists in the first place of plant at Me-
chanic Falls, consisting of the mills, ma
chinery, water power, ETC., the property
being subject to mortgage to secure certain
coupon bonds, upon which there is unpaid
$4,000 and interest since January 1st There
is an Improvement account connected with
this property since January, 1882. From that
time to 1887 there has been expended on i'm
provements s,2O01s.
The next item in real estate, one piece
being Dennison Block, near that company's
Office, which is subject to a mortgage Of
$500, that cost S19,02S.37. Then there is
the Fibre Works at Canton; stock and ma
terials at Mechanic Falls, s2S.437.S2. Stock
and materials on hand at Canton, ST., 1862. 81;
making total stock of SAC, ,300.19 The notes
receivable at Mechanic Falls are S54,S7s.42.
OF this item 500, 1926 is assigned to Morey
& Co. to receive advances.
There has been assigned sometime stock to
Andreas & Co.-par $500; balance, s120.
Accounts receivable at Canton, $6,371.67.
The liabilities consist in balance due on
the mortgage bond Of $4,000. 1t is $4,000
overdue.
Balance due on the coupons, $157.50; notes
payable and demand notes, S1S9, ,10S.6S; Me-
chanic Falls accounts payable, sS0.S2462; /;
Morey & Co. ON advance account, 800, ,406.31.
A. A. Strout of Portland said: 81 think
the creditors would like to know something
about the situation and condition of the
property. 1t is shut down, but how? Is it
taken good care Of, and all proper means
taken to preserve it? / would suggest one
thing. 1t is in reference to insurance. 1t
comes to my knowledge that these buildings
at Mechanic Falls are only partially insured.
also know that some Of the creditors have
protected themselves by additional insur-
ance to cover their liability by fire. / think
plain the situation"
Mr.. A. c. Denison, in reponse, !said that
he did not suppose it was necessary to go
into detail. The pulp mills at Canton are in
sured in the mutual companies. Last spring
tower was put in and automatic sprinklers
introduced. The property Is insured for
S65,000 in these mutual companies The
policy runs until next June. The property
at Canton has been put into proper order.
All Of the pulp has been run out and cared
for.
Question-"How much do you usually car
ry?" Answer-"About S135OOO to $780,
OOO."
Mr.. Strout-'I may say here that. actin 9
in the interest of the creditors as one of the
trustees under the deed of trust had $780,
600 insurance put upon this plant at Me-
chanic Falls to secure the trustees until such
time as the creditors could meet and take
definite action"
Mr.. Denison in continuance related the
facts relative to action Of the company in
the reduction of the Insurance, stating that
itcame about through new requirements of
the mutual companies"
Q.-"As far as you know there is only
$4,000 insurance on the plant, viz. the $40,
900 of your own and the $4,000 that Mr..
Strout has had put on?" Ar know of no
other"
In response to these queries, Mr.. Denison
replied that outside Of the $4,000 there were
no other liens or mortgages on the Mechanic
Falls plant 1t also appeared that there is a
mortgage of 5000 on wood at Canton, and
that new machine, valued at $13,50O, fur
nished by Smith, Winchester & Co., had not
been paid for, and that the firm, according to
the terms of a contract with these parties,
did not consider it the property of Smith,
Winchester Il Co., until paid for. 1t had
not been taken into account in any way in
the statement made.
Mr.. Denison was asked to give statement
of the improvements in general way, what
was included in the S6S, 200 for improvements
since 1882.
A Committee Appointed.
On motion Of w. F. Milliken Of Portland
committee was appointed on the part Of
the creditors, to look further into the condi
tion of affairs and report. This COMMITTEES
was w. f. Milliken of Portland, Charles E
Morey, of the firm of E. Morey q Co., Bos
ton; E. Storey Smith, of the firm of Train
Smith & Co., Boston; Z. A. Cannon, Me
ehanic Falls; J. Willard Rice, of the firm O.
Rice, Kendall & Co.. Boston.
On motion of A. III. Strout, voted that thi
committee be empowered to incur such ex
penses as are necessary to keep the property
insured and otherwise preserved and that
they be empowered to employ such assistant:
in the way Of experts, accountants, counsel
| CCC.y 40 thC1 dCChA hCSOoodig dLO Ohdl 6C "a
expense TO the assets.
Some of the Creditors.
The largest creditors are Z. Morey & Co
In the list they stand for S2,571.75 on ac
counts; 500. .4O631 on accounts; s3,451.s1, dis
counts; $2,754.22, accounts, and s46,6S5.S
notes. Train Smith & Co., S2,552.75. ac
counts; Sc, ,5S3. o., accounts; S571.16, accounts
town of Minot. S77262; James Irish, $500
on notes; G. A. Hastings, S670.31,' accounts
/. A. Denison & Co., accounts, S3,714. 45
notes, s,34456. Bedford, Clark & Company
S1194.55, accounts; Dudswell Lime Co. ,$163,
accounts, S3S46 notes; Grand Trunk Raj
road Co., S3334.3i accounts, S3O2O.0l notes
J. w. Denison. s13,3l6 accounts, $500 notes
A. C. Denison, S14,0O6 accounts; Merchant
National Bank, Portland, S2S15.76 a,
counts; A. E. Denison, $37274 account
S25O.9S notes; Lucius Packard. $500 note.
G. b. Staples, $500 notes; Childs & Staple
S7o7.59 accounts, s5O6s.32 notes; Fran
Packard, $4S246 accounts; Maryland Coz
80.